| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 60th | Fair |
| Amenities | 50th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 342 Pleasant Way, San Marcos, CA, 92069, US |
| Region / Metro | San Marcos |
| Year of Construction | 1990 |
| Units | 63 |
| Transaction Date | 1997-06-26 |
| Transaction Price | $2,845,000 |
| Buyer | WALZ FAMILY TRUST |
| Seller | ROSE DONNA T |
342 Pleasant Way San Marcos Multifamily Investment
This 63-unit property in San Marcos offers access to a neighborhood where occupancy holds above 95% and median household income sits in the 75th percentile nationally, according to CRE market data from WDSuite.
Located in San Marcos within San Diego County, this 63-unit multifamily asset sits in an inner-suburb neighborhood that ranks in the top quartile nationally for housing fundamentals and above the metro median for demographics. The neighborhood holds a B+ rating among 621 neighborhoods in the San Diego metro. Demographic data aggregated within a 3-mile radius shows a median household income of approximately $101,000—placing it in the 75th national percentile—with strong representation in the $100,000+ income brackets. Five-year forward projections indicate household growth of over 43%, which is expected to expand the renter pool and support sustained tenant demand.
Neighborhood-level occupancy trends remain solid at 95.6%, ranking in the 75th percentile nationally and reflecting stable absorption and tenant retention dynamics. Median contract rent in the neighborhood is approximately $1,844, ranking in the 89th percentile nationwide, while the broader 3-mile area reports median contract rent around $2,179, with five-year growth of roughly 36%. Renter-occupied units represent 41.3% of neighborhood housing stock—above the metro median and in the 81st percentile nationally—underscoring depth in the tenant base and sustained reliance on multifamily housing.
Built in 1986, this property is older than the neighborhood average construction year of 1994 (76th percentile nationally), presenting potential value-add or renovation upside for investors focused on capital improvement strategies. Median home values in the neighborhood exceed $786,000 (95th percentile nationally), and elevated ownership costs within the broader 3-mile area help sustain rental demand by limiting accessibility to ownership. The rent-to-income ratio ranks in the lower percentiles, suggesting affordability pressure that warrants attention in lease management and retention planning.
Amenity density supports tenant appeal: the neighborhood ranks in the 94th percentile nationally for childcare facilities per square mile and offers competitive access to grocery stores and parks. Average school ratings reach 4.0 out of 5, placing the area in the 84th percentile nationally—a factor that can enhance family-oriented tenant retention. Overall, the combination of strong occupancy, above-average income levels, and projected household growth positions this location favorably for long-term multifamily investment.
Safety metrics for this San Marcos neighborhood reflect a mixed profile that warrants measured review. The neighborhood's overall crime rank places it near the middle among the metro's 621 neighborhoods, with property offense rates estimated at approximately 1,486 incidents per 100,000 residents—ranking in the 15th percentile nationally, indicating elevated property crime relative to many U.S. neighborhoods. Violent offense rates are estimated at roughly 454 incidents per 100,000 residents, placing the neighborhood in the 10th percentile nationally.
Positively, both property and violent offense rates have trended downward over the past year, with property offenses declining by approximately 24% (68th percentile nationally for improvement) and violent offenses down roughly 34% (77th percentile nationally for improvement). These recent trends suggest stabilization and may support tenant confidence and retention over time. Investors should monitor local crime data and consider how safety perceptions influence lease-up velocity, renewal rates, and insurance costs as part of ongoing asset management.
The San Marcos submarket benefits from proximity to several major corporate anchors that support workforce housing demand and commute convenience for multifamily tenants. Notable nearby employers include Gilead Sciences, Qualcomm, and Sysco.
- Gilead Sciences — biopharmaceutical (8.6 miles)
- Nrg Energy — energy services (8.7 miles)
- Sysco — food distribution (15.8 miles)
- Qualcomm — technology & telecommunications (16.7 miles) — HQ
- Celgene Corporation — biopharmaceutical (18.1 miles)
This 63-unit property at 342 Pleasant Way offers a compelling combination of stable neighborhood-level occupancy, strong income demographics, and significant projected household growth within a three-mile radius. Neighborhood occupancy holds above 95%, ranking in the 75th percentile nationally, while median household income sits in the 75th percentile as well—factors that together support tenant retention and lease renewal rates. The renter-occupied share of housing units exceeds 41%, above the metro median and in the 81st percentile nationwide, reflecting sustained depth in the tenant base. Elevated home values—ranking in the 95th percentile nationally—limit accessibility to ownership and reinforce reliance on rental housing, underpinning long-term multifamily demand. Forward demographic projections indicate household growth of over 43% over the next five years, which should expand the renter pool and support occupancy stability.
Built in 1986, the property is older than the neighborhood average, presenting potential value-add or renovation upside for investors focused on capital improvement strategies. Proximity to major employers including Gilead Sciences, Qualcomm, and Sysco enhances workforce housing appeal and commute convenience. However, investors should weigh affordability pressure reflected in lower rent-to-income percentiles, as well as elevated property crime rates (15th percentile nationally), which have improved recently but may influence tenant perceptions, insurance costs, and lease management considerations. Overall, the asset is positioned in a neighborhood with solid fundamentals, supported by CRE market data from WDSuite, and offers a balanced risk-return profile for long-term multifamily investors.
- Neighborhood occupancy above 95%, ranking in the 75th percentile nationally
- Median household income in the 75th percentile nationally, with over 43% projected household growth
- Elevated home values (95th percentile) sustain rental demand by limiting ownership accessibility
- 1986 vintage offers value-add and renovation upside for capital improvement strategies
- Risk considerations: affordability pressure and elevated property crime rates, though recent trends show improvement